MNDY 1Q26 Recap: Cranking Up the Offense

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MNDY 1Q26 Recap: Cranking Up the Offense

May 11, 2026

Howard Ma Howard.Ma@guggenheimpartners.com MNDY 1Q26 Recap: Cranking Up the Offense

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Joseph DiBartolomeo Key Message: We would characterize this quarter as one of resilience while Monday.com

joseph.dibartolomeo@guggenheimpartners.com is cranking up the offense with its agentic AI launch, giving it a fighting chance to break out

212 823 6709 of the AI laggard camp, while sentiment and valuation remain at trough levels. 1Q revenue

growth of 24.5% y/y was stable vs. 4Q25, while 2Q guidance was a hair above consensus,

and the combined upside flowed through to 2026 guidance, up 100 bps to 19-20%.

FCF also beat while full-year guide was maintained despite headcount now expected

about flat vs. mid-teens growth previously. Upmarket momentum continues with healthyMNDY BUY expansion and new logos among >$50K customers (TTM NDR flat at 116%), although monday.com Ltd.

>$100K TTM NDR declined by 100 bps to 115%, due partly to more multi-year deals Sector: Software

at volume discounts. We believe this is the key reason overall NDR is now expected to

Earnings Release be down 100-200 bps exiting 2026 from 110% currently, vs. flat previously. Management

said the top-of-funnel environment remains soft as it pertains to downmarket/no-touch Share Price $78.00

customers but is in line with expectations. The key catalyst to watch is Monday.com’s Price is intraday.

recent rebranding to an AI Work Platform and introduction of agents that can draft Price Target $130.00

campaigns, qualify leads, close tickets, onboard hires, etc., under human supervision—

with new hybrid seat + usage-based model. The company also acquired startup OneAI,

which specializes in enterprise-grade voice agents. Management wasn’t ready to share